Overseas Chinese Town (Asia) Holdings Limited (hereinafter referred to as OCT (Asia)) was listed on t…
(Hong Kong, 9 October 2015) Overseas Chinese Town (Asia) Holdings Limited (“OCT (Asia),” the “Company,” together with its subsidiaries the “Group,” HKSE stock code: 3366.HK) is pleased to announce its wholly-owned subsidiary -- City Legend International Limited (“City Legend”) --entered into asset acquisition agreements with Chang’an Holdings (Group) Company Limited and its subsidiaries, to acquire parts of their properties of Chang’an Metropolis Centre, with a gross area of approximately 104,666 sq.m., at a total maximum consideration of approximately RMB 1,590 million, equivalent to approximately HK$ 1,939 million.
The properties to be acquired are located in the city centre of Xi’an which is the key city under the “One Belt One Road” strategy of PRC government. The properties are parts of Chang’an Metropolis Centre with high-class commercial ancillary facilities. The Group’s Board believes that the acquisitions are in line with the positioning and development strategies of “being a developer and operator of commercial complexes valuing commercial elements as the core of its business”. The acquisitions will expand its project reserves as well as enhance the overall profitability of the Group. It is expected that the acquisitions will bring sustainable investment returns to shareholders.